The use of fintech apps has increased more than 61% since the pandemic started last year, according to Swiss fintech organisation, the deVere Group.
The independent financial advisory firm said the jump comes as the coronavirus crisis shifted the way we manage our finances.
James Green, deVere Group’s Divisional Manager of Europe, noted: “Pre-coronavirus, we were already in an exciting new era driven by the lightning pace of the digitalisation of our everyday lives.
“But like so many areas of our lives, the pandemic has accelerated this trend.
“The jump in usage of fintech apps from existing clients, and a sharp increase in enquiries from potential ones, underscores that people are becoming more tech-savvy than ever.
“Like never before, people are embracing the convenience of immediate, low-cost access to, use and management of their money.”
BuyShares.co.uk expects contactless payments to continue rising worldwide and hit a $665 billion transaction value in 2021, with the total value of contactless transactions doubling up and reaching over $1.6 trillion by 2024.
E-commerce’s share of global retail trade grew from 14% in 2019, to about 17% in 2020, based on research by the United Nations Conference on Trade and Development.
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The deVere CEO and founder, Nigel Green believes the trend will further increase.
“The financial services sector is currently undergoing, I believe, possibly the most profound transformation in history.
“We’re seeing seismic and far-reaching shifts in client expectations," he continued.
"As the world moves towards an ever-more digitalised and globalised future – which is increasingly influenced by those who’ve grown-up with 'on-the go' tech - this phenomenon can only be expected to gain momentum.
“The way we save, invest, use and manage our money has changed forever. We are witnessing a personal finance revolution.
“This revolution is a positive force.
“Fintech allows all clients’ personal financial services to be dealt with online and/or on their mobile devices, wherever they choose to be.
“It will speed-up financial inclusion around the world, especially for those who aren’t able to use financial services because of the biases of traditional financial firms.
“In addition, it allows firms within the financial sector the opportunity to diversify, reduce costs, fulfil regulatory requirements and further enhance the client experience.
“Whether the trend in the usage of fintech is a long-term one will be demonstrated as lockdown restrictions are eased around the world and we look ahead to a post-pandemic future.
“I will be surprised if those new users of fintech will ever go back to traditional methods of accessing, using and managing their money.”
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